NZDUSD testing major support, potential bounce!
NZDUSD is testing major support at 0.7203 (61.8%, 100% Fibonacci extension , horizontal swing low support) which coincides with the short term ascending support line. A strong reaction could occur at this level, pushing price up to our next resistance at 0.7258 (38.2% Fibonacci retracement , horizontal overlap resistance). A breakout of this level might push price further up to our next major resistance at 0.7356 (61.8% Fibonacci extension , horizontal swing high resistance).
Stochastic (55,5,3) is also approaching it major support at 1% and a bounce off this level would be a good precursor for a potential rise in price.
Trading CFDs on margin carries high risk.
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Stochastic (55,5,3) is also approaching it major support at 1% and a bounce off this level would be a good precursor for a potential rise in price.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.